The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-05-05
PAYMENT OF CONFEDERATE BONDS


PAYMENT OF CONFEDERATE BONDS.
The London Times of April 16 contains an
the attention of Americans. In space it would
fill about half column of the Journal in fine
type. 1t is addressed ITO the holders of Con-
federate States Of America sterling and dollar
bonds" and is signed Gabriel Lindo, solicitor
and secretary to the Confederate States bond
holders committee" 1t is statement to the
English holders of confederate bonds of the
progress and prospects of the movement to Sc
cure their payment. In matter and style it is
a cold business statement, entirely free from
rhetorical flourish or ornamentation of any
kind, and shows on its face that the commit
tee, speaking through its secretary, means
business. The Times calls attention to the
advertisement in its financial article. The
fact that an organization exists in England
which is spending money and employing the
best legal talent to secure the payment of
these bonds is at least significant. We are
accustomed to rely on the Fourteenth amend
complishment of such a measure, but in these
days of political chicanery and judicial COM
plaisance way might be found to evade
nullify that. 1t is plain that the committee
of English bondholders expect to find such a
way. The organization was effected in July,
1888, evidently in anticipation of Democratic
success in 1884. The secretary of the COM
mittee says:
MANY leading statesmen of the South
have been consulted, and it is their opinion
that the vast progress of the Southern States
since the civil war would cause them to
look upon the confederate debt a very light
burden upon their resources were they allowed
to pay it, but they feel that having had their
credit and resources handicapped for over
twenty years by the said amendment it is the
duty of the general government of Washing
ton to assume the obligation of payment.
After much preparatory work and costly
analysis of the conditions of the problem to
be solved your committee engaged the serv-
ices of Judge Fullerton, of New York of
the most eminent counsel of the United
States"
The statement then refers to Judge Fuller
tons appearance before the congressional COM
mittee and his argument for the bondholders,
serious attention" His line of argument is
traced, and his conclusion cited that the effect
of the amendment to the Constitution was to
extinguish the old debt and create new liza
bilitv for damages in the whole amount
against the United States government. The
statement then continues:
"Several of the most learned and able
American counsel have been consulted upon
the soundness of the above argument, and
they agree that it is unanswerable. Whenft
was published the whole press of the United
States were taken by surprise by its logical con-
illusions, and for the first time commented
upon the confederate -debt question with dig
nifty and respect.
''Your committee have felt that from the
moment they were able to appeal to the repre-
sentatives of the people of the United States
with honest argument, they would obtain re-
spectful hearing and the just and fair consid
Grafton to which the bondholders are entitled.
your committee feel justified in stating
that never since the close of the civil war has
the position of the bondholders been hope
full as to-day. Derision and ridicule have
practically ceased, public opinion in the
United States is now favorable to a consider
ate discussion of the confederate debt, and
footing of incalculable Importance has been
obtained in the United States Congress. Steps
of important nature are now contemplated
by your committee. which it is not in the in
terest of the bondholders at present to state;
but counsel is of opinion that they will result
in the committee obtaining authority from
the next session of the United States Congress
to raise the whole question by a suit in the
Court of Claims"
All this goes to show that the committee
are hard at work and are encouraged by the
progress thus far made. The footing of in
calculable Importance" which. they say. "has
been obtained in the United States Congress-"
evidently refers to the Democratic majority
in the House, and the passage of bill giving
counsel for the bondholders hearing before
the committee. The further plans of the
committee are foreshadowed in the statement
that they expect to obtain legislation which
will enable them to 'rase the whole question
by suit in the Court of Claims" The con-
federate adumbration proceeds.